Today’s media and entertainment world is not for the timid.
For decades, the media and entertainment (M&E) industry enjoyed a fairytale existence. But in recent years, tectonic shifts have disrupted long-established models of business and emerging technologies have empowered customers with more choices than ever before, leaving companies struggling to attract new customers and keep the existing ones happy.
So where does this leave M&E companies?
To survive and ultimately thrive, companies must evolve, and digital innovation is a must. But the call for change has created an identity crisis for the industry: Does a company’s mission lie with creating content? Distributing content? Both? How do companies most effectively promote their products in the marketplace?
Amidst all these changes, one fundamental truth has emerged. Companies need to find new ways to understand and engage an increasingly fickle and fragmented audience.
The need to create, maintain and nurture ongoing personal relationships with customers has never been more critical for media and entertainment companies.